Medline Inc.
For the period ended Sep 26, 2026. Filed Nov 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 26, 2026 · Filed Nov 4, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
MEDLINE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Nine months ended | ||
|---|---|---|
| (in millions) | September 26, 2026 | September 27, 2025 |
| Cash flows from operating activities | ||
| Net income | $696 | $977 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 769 | 750 |
| Stock-based compensation expense | 81 | 49 |
| Amortization of deferred financing costs | 34 | 45 |
| Deferred taxes | 140 | (10) |
| Credit losses | 11 | 45 |
| Unrealized foreign exchange (gain) loss, net | (25) | 103 |
| Loss on extinguishment of debt | 23 | — |
| Non-cash lease expense | 60 | 54 |
| Loss related to distribution center fire, net | 229 | — |
| Other non-cash adjustments | 29 | 3 |
| Changes in assets and liabilities, net of acquisitions: | ||
| Trade accounts receivable | (281) | (239) |
| Inventories | (270) | (249) |
| Other assets | (37) | (124) |
| Accounts payable | 283 | 140 |
| Accrued expenses and other current liabilities | 446 | 8 |
| Other liabilities | (36) | (37) |
| Net cash provided by operating activities | 2,152 | 1,515 |
| Cash flows from investing activities | ||
| Purchases of property and equipment, net | (348) | (309) |
| Proceeds from insurance recoveries | 100 | — |
| Acquisitions of businesses, net of cash acquired | — | 6 |
| Cash paid for asset acquisitions | (15) | (33) |
| Purchases of short-term investments | (1,274) | — |
| Net cash used in investing activities | (1,537) | (336) |
| Cash flows from financing activities | ||
| Proceeds from long-term borrowings | 4,733 | 7,569 |
| Repayment for long-term borrowings | (4,778) | (7,612) |
| Repayment under lines of credit | — | (179) |
| Proceeds from lines of credit | — | 179 |
| Payment for debt issuance cost | (3) | — |
| Payment for offering costs | (12) | — |
| Payment towards Class B unit repurchases | — | (33) |
| Proceeds from issuance of common stock on stock-based awards | 9 | — |
| Settlement of taxes withheld on stock-based awards | (5) | — |
| Distributions to partners | — | (422) |
| Distributions to noncontrolling interests | (164) | — |
| Net cash used in financing activities | (220) | (498) |
| Effect of exchange rate changes on cash and cash equivalents and restricted cash | (14) | 24 |
| Net change in cash and cash equivalents and restricted cash | 381 | 705 |
| Cash, cash equivalents and restricted cash, beginning of year | 1,942 | 250 |
| Cash, cash equivalents and restricted cash, end of period | $2,323 | $955 |
See notes to unaudited condensed consolidated financial statements.
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MEDLINE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)
| Nine months ended | ||
|---|---|---|
| (in millions) | September 26, 2026 | September 27, 2025 |
| Supplemental disclosure of cash flow information: | ||
| Cash payments for interest on borrowings | $362 | $606 |
| Cash received from interest rate hedging activities | 28 | 61 |
| Cash payments for income taxes, net | 86 | 44 |
| Non-cash purchases of property, plant and equipment | 28 | 20 |
| Recognition of tax receivable agreement liability | 873 | — |
| Recognition of deferred tax assets from equity transactions | 394 | — |
| The following table provides reconciliation of cash, cash equivalents and restricted cash shown above to the amounts reported within the Condensed Consolidated Balance Sheets as of September 26, 2026 and December 31, 2025: | ||
|---|---|---|
| (in millions) | September 26, 2026 (Unaudited) | December 31, 2025 |
| Cash and cash equivalents | $2,321 | $1,939 |
| Restricted cash included in other current assets | 2 | 3 |
| Cash, cash equivalents and restricted cash | $2,323 | $1,942 |
See notes to unaudited condensed consolidated financial statements.
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